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Oil prices rose about 1.5% on Wednesday on news of a larger-than-expected decline in U.S. crude stocks last week.
In mid-morning trading today, WTI futures were up 1.3% at $89.27/bbl, Brent was up 1.6% at $95.14/bbl, and U.S. natural gas was up 1.0% at $9.34/MMBtu. Crude is currently trading near the lowest level in more than six months.
The average U.S. gasoline price dropped to $3.95 a gallon Tuesday, down 21% from June highs.
Annual energy inflation in the EU hit 41.1% in July and prices are up 14.1% since the start of the year.
Russia’s earnings from energy exports are expected to rise 38% this year largely due to higher export volumes to Asia. The nation’s output is forecast to decline substantially in the coming years, however.
German power supplier Uniper reported a $12.5 billion loss due to Russian gas supply cuts and has declined to give an outlook for 2022 amid continuing uncertainty.
Around 20 ships are stuck in traffic along Germany’s Rhine River, where low water levels continue to impede transport of fuel supplies and materials. Water levels are expected to return to a critical navigable level this weekend, providing some relief, as authorities consider deepening the river at key choke points.
Backups of dozens of container ships have formed off ports in New York, Houston and Savannah as U.S. importers continue seeking relief from logistics bottlenecks on the West Coast.
The Port of Los Angeles expects August imports to begin easing from record highs as retailers cancel orders in the wake of a pullback in consumer spending.
Maritime research group Xeneta says spot container rates from the Far East to the U.S. West Coast are down by one-third this year.
The Baltic Dry Index measuring pricing in the global bulk commodities market fell 5.3% last week to a six-month low.
U.S. freight railroads said Wednesday they are ready to reach contract agreements with union workers based on the White House’s new wage recommendations, potentially ending two years of negotiations affecting over 115,000 workers.
Spot truckload rates in the U.S. are down 12 cents per mile from the average rate in May, according to DAT Solutions.
The total marginal cost of trucking grew by 12.7% in 2021 to $1.855 per mile, a record-high led by higher fuel costs, according to the American Transportation Research Institute.
A recent survey from Toronto-based TealBook showed inflation is now the biggest concern of sourcing and procurement executives.
Taiwanese container line Yang Ming’s first-half profit doubled to nearly $4 billion.
Boeing and Northrup Grumman will join a White House-backed program to help smaller U.S.-based suppliers increase the use of 3D printing and other advanced manufacturing technologies.
Environmentalists are objecting to a plan by big consumer brands to modify packaging labels to say polypropylene food packaging is “widely recyclable,” underscoring the prevailing confusion and inconsistency of plastic recycling standards.
Global COVID-19 fatalities are up 35% the past four weeks, according to the WHO, which warned that risk factors are set to increase as cold weather approaches.
Russia reported 33,106 new COVID-19 cases Wednesday, the most since mid-March. The CDC this week elevated the country to Level 3 on its COVID-19 travel warning list.